Rating Release

Agusto & Co. hereby upgrades the rating assigned to ValuAlliance Asset Management Limited (“VAML” or “the Manager”) to ‘A+(IM)’.

The rating expires on 5 June 2026.

Agusto & Co. hereby upgrades the rating of ValuAlliance Asset Management Limited (‘VAML’ or ‘the Manager’) to ‘A+(IM)’. The rating upgrade reflects improvements in VAML’s operational risk management framework including the engagement of a reputable third-party firm for internal audit functions and the part automation of pre-trade checks. The rating also reflects the Manager’s good governance framework, conservative credit guidelines, good operational track record and support from an established financial services group. Nonetheless, we have also taken into consideration the lean operating structure across key functions, the limited use of technology in the subscription and redemption processes and the weak macroeconomic condition and its impact on the capacity of VAML to drive retail participation.